XML 22 R7.htm IDEA: XBRL DOCUMENT v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash Flows From Operating Activities      
Net income $ 662.5 $ 426.0 $ 35.3
Adjustments to reconcile net income to net cash provided by operating activities:      
Net realized investment losses 46.4 76.2 32.3
Net amortization and depreciation (4.6) 1.5 6.3
Stock-based compensation expense 35.6 31.0 31.1
Amortization of defined benefit plan costs 6.7 6.8 7.9
Deferred income tax expense (benefit) 14.1 (18.8) (24.6)
Change in deferred acquisition costs (40.2) (42.0) (16.0)
Change in premiums receivable, net of reinsurance premiums payable (53.0) (121.7) (110.3)
Change in loss, loss adjustment expense and unearned premium reserves 447.1 331.7 442.0
Change in reinsurance recoverable (16.6) 61.6 (91.6)
Change in expenses and taxes payable 58.9 (8.7) 48.0
Other, net 21.2 62.8 1.3
Net cash provided by operating activities 1,178.1 806.4 361.7
Cash Flows From Investing Activities      
Proceeds from disposals and maturities of fixed maturities 2,626.4 2,666.5 772.9
Proceeds from disposals of equity securities and other investments 101.4 115.5 141.1
Purchase of fixed maturities (3,307.9) (3,240.7) (1,059.8)
Purchase of equity securities and other investments (78.4) (72.0) (70.8)
Capital expenditures (7.7) (10.2) (11.9)
Net cash used in investing activities (666.2) (540.9) (228.5)
Cash Flows From Financing Activities      
Proceeds from exercise of employee stock options 15.4 16.7 6.5
Proceeds from issuance of debt, net 495.0 0.0 0.0
Dividends paid to shareholders (130.6) (124.1) (117.2)
Repayment of debt (61.8) 0.0 0.0
Repurchases of common stock (129.2) (26.7) 0.0
Other financing activities (13.6) (11.4) (11.4)
Net cash provided by (used in) financing activities 175.2 (145.5) (122.1)
Net change in cash and cash equivalents 687.1 120.0 11.1
Net change in cash related to discontinued operations 0.1 (0.6) 0.0
Cash and cash equivalents, beginning of year 435.5 316.1 305.0
Cash and cash equivalents, end of year 1,122.7 435.5 316.1
Supplemental Cash Flow Information      
Interest payments 33.3 33.2 33.2
Income tax payments (refunds), net $ 169.0 $ 149.0 $ (22.1)